1 June 2007drilling progress report● Neutral
West Florence-1 has 4½ inch production casing set at 1,956 metres. Log analysis continues to pick zones to test through casing. No test result yet; casing suggests the operator sees potential (inference).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 May 2007drilling result● Neutral
Fall River's version of the 29 May report: West Florence-1 at 1,957 metres total depth, logs run, hydrocarbon shows seen while drilling and under evaluation. Fall River holds 15%. Duplicates the operator news.
29 May 2007drilling result● NeutralMajor
West Florence-1 reached 1,957 metres total depth, short of the planned 2,134 metres, and wireline logs were run. Hydrocarbon shows were seen while drilling; their significance is still being evaluated. Not yet a discovery.
25 May 2007drilling progress report● Neutral
Victoria Petroleum's repeat of 1,781 metres for West Florence-1. Its partner table now shows Victoria at 25% and a 'Private American Interest' at 15%, with Mountain's 40% no longer listed as such. This is unexplained in the text.
25 May 2007drilling progress report● Neutral
Fall River reports West Florence-1 drilling ahead at 1,781 metres, just short of the Muddy J target at about 1,800 metres. No new result.
24 May 2007drilling progress report● Neutral
Victoria Petroleum reports West Florence-1 at 1,730 metres on 24 May, approaching the Muddy J at about 1,800 metres. No new result.
24 May 2007drilling progress report● Neutral
Fall River's repeat of the 24 May report: West Florence-1 drilling ahead at 1,730 metres. No new result.
23 May 2007drilling progress report● Neutral
Victoria Petroleum reports West Florence-1 at 1,658 metres on 23 May, with the Muddy J target still about 140 metres deeper. No new result.
23 May 2007drilling progress report● Neutral
Fall River's repeat of the 23 May report: West Florence-1 drilling ahead at 1,658 metres. No new result.
21 May 2007drilling progress report● Neutral
Victoria Petroleum reports West Florence-1 at 1,343 metres on 21 May, little progress from 1,334 metres. No new result.
18 May 2007drilling progress report● Neutral
Victoria Petroleum reports West Florence-1 drilling ahead at 1,334 metres on 18 May. No new result.
18 May 2007drilling progress report● Neutral
Fall River reports West Florence-1 at 1,334 metres and now labels the 100-200 bcf gas and up to 15 million barrels of oil as prospective resources, with no certainty they are present. No new result.
17 May 2007drilling progress report● Neutral
Victoria Petroleum reports West Florence-1 drilling ahead at 1,306 metres. No new result.
15 May 2007drilling progress report● Neutral
Fall River's version of the 14 May report: West Florence-1 drilling ahead at 1,237 metres. No new result.
15 May 2007drilling progress report● Neutral
Victoria Petroleum reports West Florence-1 drilling ahead at 1,295 metres. No new result.
14 May 2007drilling progress report● Neutral
Victoria Petroleum reports West Florence-1 drilling ahead at 1,237 metres on 14 May. No new result.
11 May 2007drilling progress report● Neutral
Victoria Petroleum reports West Florence-1 drilling ahead at 1,170 metres, against a 2,134 metre target. No new result.
11 May 2007drilling progress report● Neutral
Fall River's own report that West Florence-1 was drilling ahead at 1,170 metres; the Muddy J is expected near 1,800 metres. Fall River holds 15%. No new result.
10 May 2007drilling progress report● Neutral
West Florence-1 drilling ahead at 1,078 metres. The operator's potential estimate is restated as 100-200 bcf of gas plus about 15 million barrels of oil combined across three formations, on the whole 12,000 acres, if present. No new result.
10 May 2007drilling progress report● Neutral
Partner Victoria Petroleum repeats that West Florence-1 was drilling ahead at 1,078 metres on 10 May. No new result; duplicates the earlier Fall River and operator update.
9 May 2007drilling progress report● Neutral
Partner Victoria Petroleum's repeat of the 9 May report: West Florence-1 drilling ahead at 904 metres. No new result.
9 May 2007drilling progress report● Neutral
West Florence-1 drilling ahead at 904 metres against a 2,134 metre target, with the Muddy J expected near 1,800 metres. No new result.
8 May 2007drilling spud▲ GoodMajor
Fall River confirms West Florence-1 (the Slanovich 32-23 well) began drilling on 3 May 2007 and was at 502 metres. Target depth is 2,134 metres, with the Muddy J sandstone at about 1,800 metres. Fall River holds 15%.
8 May 2007drilling progress report● Neutral
Partner Victoria Petroleum's report that West Florence-1 was drilling ahead at 684 metres. No new result; duplicates the operator update.
7 May 2007drilling spud● Neutral
Victoria Petroleum, a West Florence partner, reports the operator spudded West Florence-1 on 3 May 2007, drilling at 502 metres. It lists Fall River at 15% in this release. Duplicates Fall River's own announcement.
1 May 2007quarterly activities report● Neutral
March 2007 quarter Appendix 5B: operating outflow A$202k and cash at quarter end A$334k, up from A$81k. Financing inflow of A$741k was reported. Planned exploration and development spending next quarter is A$1.475m.
1 May 2007quarterly activities report● Neutral
March 2007 quarter: Sprowl averaged 600 mcf/d in February and Gruver 1-14 remains undated. Operator Samson has presented the AFE for Fall River's second Baxter earning well, programmed for early third quarter. Fall River skipped the non-earning Green Canyon 27-2 well.
12 Apr 2007drilling scheduled● Neutral
Slanovich 32-23 at West Florence, Colorado is planned to spud early May 2007 to about 7,000 ft, targeting the Muddy J sandstone. Fall River's 15% share is budgeted at US$137,723 of US$918,154, below the earlier US$165,000 estimate. Operator estimates 100-200 bcf potential.
4 Apr 2007capital raising announcement● NeutralMajor
Martin Place mandated to raise A$1.4m through 20,000,000 CDIs at A$0.07 with 20,000,000 options at A$0.10 over 24 months. The price is below January's A$0.10 placement. Funds are for a two-well US program, the first spudding May 2007, and cash flow.
What it means for a shareholder
20.0m new shares at A$0.070 to raise about A$1.4m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
6 Mar 2007regulatory community update● Neutral
Cover note attaching Questar's press release on its Trail 13C-15J Baxter Shale well, about 80 km from Fall River's acreage. The substance repeats the previous day's announcement.